Real Estate Investing in Phoenix, Arizona (85023)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 85023 (Phoenix, AZ)? Our answer, based on the numbers below.
Proceed carefully. Weak appreciation or affordability makes this a harder case for most buyers.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- High price-to-rent: Price-to-rent ratio 27.6 — hard to cash-flow at these prices.
What’s happening in Phoenix, AZ (85023)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 85023 Phoenix
ZIP 85023 in Phoenix, AZ carries a solid set of headwinds. Home values near $419K and rents of $1,268/mo sit inside a market where underwriting has to be tight.
Distressed does not mean uninvestable. It means the margin for error is thinner. ZIP 85023 rewards the prepared, punishes the overconfident, and leaves the math unchanged either way.
The gap between 85023 and stronger Phoenix ZIPs is not closing quickly. Investors should weight long-horizon assumptions accordingly.
Who lives in 85023 is part of why the ZIP is priced as it is. The demographic profile requires hands-on management, tight screening, and local knowledge.
appears to the ZIP is not uninvestable, but it is unforgiving. Section 8 landlords, local operators, and specialized value-add funds are the investor types that tend to succeed.
Here's what matters if you're considering buying a home in Phoenix:
Property Strategy for 85023
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $307,648 | $1,640 | 3.8% | +6.9% | $153,824 |
| 3BR | $411,911 | $2,190 | 3.8% | +6.9% | $137,304 |
| 4BR | $511,133 | $2,430 | 3.4% | +6.9% | $127,783 |
| 5BR | $762,492 | — | — | +7.9% | $152,498 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 85023 Compare?
| Metric | 85023 | Phoenix | Phoenix-Mesa-Chandler, AZ | Arizona |
|---|---|---|---|---|
| Home Value | $419,453 | $448,314 | N/A | $419,643 |
| 5-Year CAGR | 2.3% | 2.8% | N/A | 6.5% |
| Avg Rent | $1,268 | $1,672 | N/A | - |
| Cap Rate | 2.4% | 3.0% | - | - |
Similar ZIPs Within 25 Miles
Compare other nearby markets to see if a neighbor offers a better fit.
Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 85023 (Phoenix, AZ). Anonymous, moderated, never written by AI.
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Property managers serving Maricopa County
Manage rentals here? List your business →Active Renter Property Management offers rental property management services in Phoenix, Arizona, including a 6-month tenant guarantee. summary from their website
Arête Realty and Property Management, LLC offers property management services and real estate expertise in Glendale, Avondale, Chandler, Mesa, Gilbert, Sun City, Paradise Valley, Scottsdale, and Peori summary from their website
Arizona Community Management Services offers a comprehensive suite of services for Association leaders, including board training, financial management, and covenants enforcement, with decades of exper summary from their website
Listings are shown for convenience — Repit doesn’t endorse or vet these companies. Ratings shown come only from email-verified visitors.
📊 Market Snapshot
| Home Value | $419,453 |
| Monthly Rent | $1,268 |
| Price-to-Rent | 27.6:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 3.6% |
| Cap Rate | 2.4% |
| 5-Year IRR | 4.7% |
📈 Home Appreciation
| 1-Year | -0.1% ▼ |
| 3-Year CAGR | -0.2% ▼ |
| 5-Year CAGR | +2.3% ▲ |
| 10-Year CAGR | +6.6% ▲ |
🏠 Rent Trends
| 1-Year | -0.6% ▼ |
| 3-Year CAGR | -2.8% ▼ |
| 5-Year CAGR | -1.1% ▼ |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (2.4%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 85023
Population: 34,635
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Schools in 85023
Schools in This ZIP Code
Nearby Schools (5 more)
Schools in adjacent ZIP codes that may serve this area
Hidden Hills Elementary School
Cactus View Elementary School
Echo Mountain Primary School
Roadrunner School
Echo Mountain Intermediate School
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
🎓 Nearby Colleges & Universities
Frequently Asked Questions
Can I house hack in Phoenix, AZ?
Phoenix, AZ is a a challenging market for house hackers. FHA or conventional owner-occupant buyers find the $419K price point reasonable to enter.
How strict are landlord regulations in Phoenix, AZ?
Phoenix, AZ operates under AZ law, which is landlord-friendly overall for landlords. Expect stable treatment in typical lease and eviction cases.
What kind of tenants rent in Phoenix, AZ?
Phoenix, AZ offers a measured renter base at the $1,268/mo rent level. Tenant turnover is reasonable for well-managed properties.
What is the average monthly rent in Phoenix, AZ?
Expect rents around $1,268/mo per month in Phoenix, AZ. With home values at $419K, the yield math works out to reasonable levels for rental investors.
Is real estate in Phoenix, AZ a good investment right now?
Phoenix, AZ rates 3.0/5 for investability. With median values at $419K and rents near $1,268/mo, the market offers reasonable fundamentals for rental investors.
You know 85023 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 85023 compares to every other market. Investor ($19/mo) screens every U.S. ZIP by cap rate, the 1% rule, vacancy and landlord climate, and exports your shortlist.
How 85023 ranks in Phoenix-Mesa-Chandler, AZ
Every ZIP in this metro, ranked. Free.
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